Morrison has announced that it is in takeover talks with an unnamed suitor.
The Scottish contractor, which recently dropped the word construction from its name, has a market capitalisation of about £230m.
City sources said the announcement could open the door to a bid from Skanska, if the company was not the unnamed suitor already. The Swedish giant has been linked to several firms in recent months, most notably Kvaerner.
Morrison operates across three divisions – construction, asset management and development partnerships – and last year said its average group margin was 5.3%.
In May, the firm posted a pre-tax profit of £26.8m for the 12 months to 31 March, up 11% on the previous year. This was on an increased turnover of £510m.
City sources expressed surprise at the announcement.
One analyst said: “It’s astonishing. I cannot believe the family would let the business go.
I believe they still own a good deal of the company.”
Morrison declined to comment further.
At the group’s last results, chairman and chief executive Sir Fraser Morrison said the company was looking to make a number of acquisitions in facilities management and infrastructure.
